Market Overview for Prom/Tether (PROMUSDT)

Summary
• Price declined from $8.15 to $7.73 as bearish momentum accelerated through the day.
• A key support zone at $7.90–$7.80 appears tested but not confirmed yet.
• Volume surged in late afternoon ET amid sharp pullbacks to $7.67–$7.73.
• RSI shows oversold conditions below 30 at close, hinting at possible short-term bounce.
• Bollinger Bands expanded in the final hours, indicating rising volatility.

The 24-hour session for Prom/Tether (PROMUSDT) saw a strong bearish bias, opening at $8.15 and reaching a high of $8.27 before closing at $7.73 at 12:00 ET. The low for the period was $7.67. Total volume amounted to approximately 88,886.9 units, with notional turnover reaching $704,634.5.

Structure & Formations

Price action on the 5-minute chart showed a series of bearish engulfing patterns following the initial resistance cluster at $8.15–$8.18. A large bearish candle formed at $8.27–$8.22 at 19:45 ET, signaling a shift in sentiment. A potential support level appeared at $7.90–$7.80, where buyers attempted to defend multiple times, but failed to hold.

Moving Averages

On the 5-minute chart, price dropped below the 20 and 50-period moving averages by late morning, reinforcing the bearish trend. The daily chart showed a further pullback below the 50-period MA but remained above the 100 and 200-period MAs, suggesting some long-term buyers are still active.

MACD & RSI

The MACD crossed below the signal line during the morning, confirming the bearish divergence. RSI dropped to the oversold territory below 30 in the final hour, indicating potential for a minor bounce. However, without a reversal in the trend, this could be a false recovery.

Bollinger Bands

Bollinger Bands expanded in the late afternoon and into evening trading, reflecting increased volatility. Price settled near the lower band at $7.67–$7.73, reinforcing the bearish bias. A retest of the upper band at $7.95–$7.98 could occur if there's a short-term rebound.

Volume & Turnover

Volume spiked significantly during the late afternoon pullback from $8.01 to $7.69. Notional turnover also surged during this period, aligning with price action and validating the bearish move. Divergence between price and volume was not observed, suggesting the bearish pressure is well-supported.

Fibonacci Retracements

On the 5-minute chart, a key 61.8% retracement level at $7.92–$7.90 appears to have held temporarily, but failed to offer lasting support. Daily chart retracements suggest a potential bottoming zone near $7.70–$7.60, which may serve as a near-term target for shorts or a setup for a counter-trend rally.

The market may consolidate near current support levels, but without a clear bullish catalyst, continued sideways to bearish pressure is likely. Investors should monitor volume patterns and RSI behavior for early signs of exhaustion or reversal.